Rothschild boss takes on new role

David de Rothschild, who runs the Rothschild banking business in France, is to take over the running of the family-held banking empire from his cousin this month as the firm unites its French and British arms in a single entity.

The move, disclosed earlier this year, is likely to reinforce the firm's drive to grow its investment banking operations, but sources say dramatic change is not expected.

He will formally take over as executive chairman of the bank on July 14.

His cousin, Evelyn, is to keep her post as non-executive chairman of NM Rothschild & Sons.